Definitely look for sales... I've found some great ones at scrapbooking.com and Joanns usually has their scrapbooking stuff on sale 40% off (Hint - pick out what you like and put it in your shopping cart and wait for a sale!)

My list of "must haves"

Paper - prints and solids...

Adhesive - some sort of double stick tape - I use the ATG gun, but started w/ 3M double stick tape from Walmart - also what I get people for "starter" gifts

Paper trimmer - wait for a sale or coupon

Maybe some letter stickers if you don't like your handwriting... Alphabet stamps and some ink pads (check for acid free) are also a cheap/reuseable option.

Other than that the rest is embellishments... That's where the fun begins...

.To make the "slippery slope" to this hobby a little less steep, you can also have a "less is more" theme, or "lucky seven" where you pick up 7 kinds of items from an online supply and use that with a base project (say a series of pics at the beach last week). You'll be surprised how you'll squeeze that creativity even with this suggested minimalist (in kind, not in size) approach. .